OFFICE NOTE UNDER PUSHPAKA LOAN SCHEME

**********************************************
DATE :27.12.13

Name of the applicant

Mr N S Abhishek
Amount of Loan
Rs.490000/Purpose
To purchase four Wheeler
Brand Honda Brio
Cost
Rs.548053/- as per invoice from M/s Aadit Auto Company Pvt Ltd

BRIEF HISTORY OF THE APPLICANT:

1 (a) Name
1 (b) Age
2 Address

Mr N S Abhishek
29

years

DOB

18.2.1984

Male

New no 10, Old no 11

Nagathammal Koil Street
Ashok Nagar, Chennai 83

3 Employment Particulars
a. Name of the Employer
L & T Ship Building Ltd
b. Applicant's designation
Company Secretary
c. Length of service (applicant)
5 years
4 Employment Particulars
If Professional / Businessman
a. Name of Business / Profession
b. No. of years spent in the present Business /Profession
c. Details of Income (as per Income tax return)
For the financial year 2013-14
For the financial year 2012-13
For the financial year 2011-12
Gross : Rs 46215/- pm
Salary Income
Net : Rs 41954/- pm
5 Banking relation with us
Nature of account
SB 26739
Banking with us since
2006
Yes, already taken a education loan
for Rs 4.00 lacs and the same is being
repaid promptly with monthly
Whether already enjoying any
credit facility. If yes, furnish
payments of Rs.9150/=. ( Loan ref
details
Number : 951100017).
Present Position : Limit Rs 404200/DP Rs 430805/- O/s Rs 220355/-

SECURITY OFFERED:

A. Prime Security

B. Collateral (if any)

C. Guarantee
a
Name of the Guarantor(s)
Worth / Monthly income of
b
the guarantor(s)

Hypothecation of Honda Brio S MT Petrol

(Metallic )Four Wheeler vehicle to be
purchased out of the Bank finance. The cost
of the vehicle is Rs 548053/- as per invoice
from M/s Aadit Auto Company Pvt Ltd
NA
NIL
NA
NA

CALCULATIONS:
A. Permissible Bank Finance Calculation
1 Cost of the vehicle
Rs.548053/2 Margin Required
For new vehicle
10% Rs.54805/For Used cars
25 %
3 Margin available
Rs.58053/Permissible Bank finance ( 1 minus 2 or 3
4
Rs.490000/whichever is higher)
B. REPAYMENT SCHEDULE
New
a No. of Instalments
72 EMI
vehicle
b Rate of Interest
10.75 %
c Amount of EMI
Rs 9265/- per month
C. FULFILMENT OF 50 % NORMS
a Monthly Income ( Average)
Rs.46215/=
Deductions
Rs.4261/b
Education loan deduction
Rs.9150/c Proposed deduction
Rs,9265/d Total Deduction
Rs.22676/e Exempted Deduction (PF)
NA
f Accountable Deduction
Rs.22676/g 50 % of Monthly Income
Rs.23108/-

Net monthly
income after
proposed
Deduction
Hence, 50 % norms

Rs.23539/Satisfied

A BRIEF ON THE DEPT RECOMMENDATIONS:

The applicant is a customer of the branch maintaining sb 26739 since 2006 and thereby
KYC norms are complied.
Approached us for a vehicle loan for Rs 490000/- for purchase of Honda Brio S MT Petrol
4 wheeler costing Rs 548053/- to be purchased from M/s Aadit Auto Company Pvt LTd .
The applicant draws an average monthly income of Rs.46215/- as per salary statement
submitted. He has availed Education Loan No 951100017 and is prompt in repaying the
monthly instalment of Rs.9150/-.He has no other outside liabilities. CIBIL REPORT of the
applicant enclosed. The proposed EMI comes to Rs 9265/- per month, and thereby satisfies
50 % norms. The applicant has requested for a loan of Rs 490000/- and he is eligible for the
same.
Considering the above points we recommend for sanction of a Four wheeler Loan under
Pushpaka Scheme for Rs 490000/- @ 10.75 % repayable in 72 EMI of Rs.9265/- per month
from Jan 2014

Terms of Sanction :
1.
2.
3.
4.

Payment would be released in favour of M/s Aadit Auto Company PVt LTd
Receipt for the cost of the vehicle to be obtained
Required margin to be brought in by the applicant
Copy of the RC book and Insurance policy after change of name and our marking our
hypothecation clause to be submitted.
5. Processing charges : NIL Offer Period

ASST
MANAGER

SENIOR
MANAGER

CHIEF
MANAGER